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Question 1 ( 2 points ) Syntex Company was incorporated January 1 . The following transactions occurred during the year: a . Received $ 5

Question 1(2 points)
Syntex Company was incorporated January 1. The following transactions occurred during the year:
a.Received $50,050 cash from the companys founders in exchange for common stock.
b.Purchased land for $14,500, signing a two-year note (ignore interest).
c.Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000(ignore interest).
d.Paid $3,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
e.Stockholder Tim Thomas paid $550,000 cash for a house for his personal use.
Required:
1.Analyze each item for its effects on the accounting equation of Syntex Company for the year ended December 31.
2.Record the effects of each item using a journal entry.
3.Summarize the effects of the journal entries by account, using the T-account format.

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